The world's best-paid sports teams

By Sheena McKenzie, for CNN

Updated 12:08 PM ET, Thu May 3, 2012

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Photos:The world's 10 best-paid sports teams

1. Barcelona FC $8.6 million average – Barcelona's players are the best paid in the world according to a new report. The team kept its No. 1 place on the earnings table with each player taking home an average annual salary of $8.6 million (£5.2 million). That's a whopping $166,934 (£101,160) per week and a 10% rise on last year.

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Photos:The world's 10 best-paid sports teams

2. Real Madrid $7.7 million – Spanish football teams continued to dominate the rankings, with Real Madrid keeping its No. 2 spot. It's players earned an average $7.7 million (£4.7 million) - a 6% rise on last year. Cristiano Ronaldo became the most expensive footballer in history in 2009 after moving from Manchester United to Real Madrid in a six-year deal worth $129 million (£80 million).

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Photos:The world's 10 best-paid sports teams

3. Manchester City $7.4 million – Manchester City moved up the rankings from 10th last year to 3rd in 2012, thanks to an average annual salary of $7.4 million for its players. It's a 26% increase on last year and demonstrates the wealth of the English club's owner Sheikh Monsour.

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Photos:The world's 10 best-paid sports teams

4. Chelsea $6.7 million – Russian billionaire Roman Abromovich's Chelsea team climbed the rankings from sixth to fourth, with players earning around $6.7 million a year -- the equivalent of $130,690 a week.

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Photos:The world's 10 best-paid sports teams

5. LA Lakers $6.2 million – The first non-soccer entry in the rich list is the LA Lakers. The Americans are also the only bastketballers in the top 10, with players taking home $6.2 million annually -- about $120,732 per week.

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Photos:The world's 10 best-paid sports teams

6. New York Yankees $6.1 million – Baseball's New York Yankees have continued to fall in the rankings -- dropping from No. 1 in 2010 to sixth this year. But the MLB team's players can still take comfort from an average yearly salary of $6.1 million -- around £118,968 a week.

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Photos:The world's 10 best-paid sports teams

7. AC Milan $6.1 million – Former Italian Prime Minister Silvio Berlusconi pumped even more money into his football club AC Milan last year. The Serie A champions rose from 14th in the list with players enjoying a yearly salary of $6.1 million, pocketing $117,399 per week.

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Photos:The world's 10 best-paid sports teams

8. Bayern Munich $5.9 million – Also rising in the rich list was Germany's Bayern Munich, up from 12th place last year. Players boasted a yearly salary of $5.9 million, taking home $113,609 a week.

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Photos:The world's 10 best-paid sports teams

9. Philadelphia Phillies $5.8 million – The Philadelphia Phillies are one of just three U.S. teams in the top 10. The baseball franchise's players earned an average $5.8 million a year, or $111,884 per week.

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Photos:The world's 10 best-paid sports teams

10. Inter Milan $5.7 million – Internazionale sneaked into the top 10 with an average yearly salary of $5.7 million for its players. It's a family affair for Italian oil tycoon Massimo Moratti, whose father Angelo also owned the club in the 1950s and '60s.

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Story highlights

Barcelona is best-paid sports team, with players earning average of $8.6 million a year

European football clubs dominate the list, taking seven of top 10 spots

Raises questions over the effectiveness of UEFA's Financial Fair Play regulations

NBA is is still best-paid league in the world with average annual salaries of $4.29 million

If Barcelona's players were driven to tears after last week's shock Champions League exit, they could at least rely on pocketfuls of cash to ease the pain.

But hold your pity. This, after all, is the best-paid team on the planet, with each of its players earning an average $8.6 million a year according to a new report -- a 10% increase on the previous year.

The two-time FIFA Club World Cup champions top the list of the highest-paid sports teams, revealed by researchers Sporting Intelligence. The report looked at the average salaries of 278 teams in 14 leagues across 10 countries.

Real Madrid followed close behind in second place with its players earning an average $8.6 million a year. That's a whopping $166,934 per week and a 6% rise on last year.

Photos:Wimbledon stars' pay increase

Photos:Wimbledon stars' pay increase

Wimbledon champions - £1.15 million – Petra Kvitova of the Czech Republic and Novak Djokovic of Serbia will be hoping to defend their Wimbledon titles in July -- earning a 4.5% increase in prize money if they do. Singles champions will now receive £1.15 millon ($1.85 million).

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Photos:Wimbledon stars' pay increase

Semifinal - £287,500 – Rafael Nadal ruined Britain's hopes of a home finalist after defeating Andy Murray in the 2011 semis. Both were part of the "Big Four" who helped secure pay increases. Semifinalists will now take home £287,500 ($463,336) -- up 4.5%.

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Photos:Wimbledon stars' pay increase

Quarterfinal - £145,000 – Jo-Wilifried Tsonga of France delivered one of the biggest upsets of the 2011 tournament, knocking out six-time champion Roger Federer in the quarterfinals. Quarterfinalists will now earn £145,000 ($233,720) -- an increase of 5.5%.

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Photos:Wimbledon stars' pay increase

Fourth round - £75,000 – World No. 2 Nadal beat Juan Martin Del Potro of Argentina in the last 16 before losing in the final. Fourth-round losers will this year earn £75,000 ($120,825) -- an increase of 9.1%.

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Photos:Wimbledon stars' pay increase

Third round - £38,875 – Russian third seed Vera Zvonareva suffered a shock third-round exit in last year's against Bulgaria's Tsvetana Pironkova. A similar achievement this year would earn her £33,875 ($54,630) -- an increase of 13.1%.

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Photos:Wimbledon stars' pay increase

Second round - £23,125 – Germany's Sabine Lisicki drops to her knees after defeating French Open champ Li Na in the second round of last year's tournament. Under this year's schedule, the Chinese player would have made £23,125 ($37,302) -- a 14.9% rise.

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Photos:Wimbledon stars' pay increase

First round - £14,500 – Italy's Francesca Schiavone, a first-round loser in 2010, redeemed herself last year by beating Australia's Jelena Dokic. Those who drop out at the first hurdle this year will take home £14,500 ($23,389) -- the biggest increase of all rounds at 26.1%.

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Photos:The highs and lows of Mario Balotelli

Photos:The highs and lows of Mario Balotelli

A promising start for Inter Milan – Balotelli's first-team debut came in December 2007 as a subsitute with Internazionale. Three days later the 17-year-old scored two goals during Inter's 4-1 Coppa Italia win against Reggina.

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Photos:The highs and lows of Mario Balotelli

Balotelli makes Inter history – Balotelli became the youngest Inter player to score in the Champions League in November 2008 when he netted against Cyprus's Anorthosis Famagusta. He was 18 at the time.

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Photos:The highs and lows of Mario Balotelli

A love/hate relationship? – Man City signed Balotelli from Inter for £24m in August 2010. The deal was made under manager Robert Mancini who this week hinted the player may be sold unless he reels in his controversial behavior.

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Photos:The highs and lows of Mario Balotelli

Balotelli sees red again – Balotelli is red-carded after a foul on Arsenal's Barcary Sagna on Sunday. Man City lost the match 1-0, with manager Robert Mancini later saying: "It's clear he's created big problems, but he's scored important goals."

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Photos:The highs and lows of Mario Balotelli

Headline maker on and off the pitch – Berlotelli's off-pitch antics have taken their toll on the squad with manager Robert Mancini admitting last week he'd punch the forward in the head if they were teammates. It's been a rocky year for the 21-year-old who caused severe damage when he let off fireworks in his bathroom and on Thursday crashed his Bentley in Manchester.

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European soccer teams dominated the list, claiming seven of the top 10 spots. And as their billionaire owners continue to spend big on top-level players, traditional American sports such as baseball and basketball are being pushed down the list.

Despite not winning a English league title since 1968, Manchester City moved up the earnings rankings from 10th to third this year -- largely thanks to the oil-rich deep pockets of owner Sheikh Mansour.

The Abu Dhabi United Group chief has spent hundreds of millions of pounds on star players since buying the club in August 2008.

Likewise Russian billionaire Roman Abromovich will be eager for his Chelsea team -- which climbed from sixth to fourth on the rich list -- to earn their keep and deliver a Champions League title in the May 19 final. His players currently boast an average $6.7 million a year -- around $130,690 a week.

Judging by the million-dollar football salaries, you'd be forgiven for thinking the UEFA's Financial Fair Play regulations -- agreed in 2009 as a way of controlling clubs' ever-rising expenditure -- had done little to stem spending.

"It is possible but by no means certain that some wage restraint at some European football clubs is on the horizon as a result of new Financial Fair Play rules being introduced by UEFA, the governing body of football across Europe. But the effectiveness of UEFA's policing remains to be seen," the Sporting Intelligence report found.

"And in any case, the biggest, richest clubs will almost certainly continue to generate massive sums, and therefore continue to fund growing salary bills."

American basketball franchise the LA Lakers are the first non-football team on the list, coming in at fifth with an average yearly salary of $6.2 million -- or $120,732 per week.

Next is baseball's New York Yankees in sixth place, having been top when the list was originally published two years ago. The report's authors say the plummet is partly due to wages being restricted in the U.S. since 2010, while in Europe the amounts spent on top players continues to rise.

Rounding out the top 10 were baseball's Philadelphia Phillies, earning an average $5.8 million a year, and Italian soccer team Inter Milan on $5.7 million.

Despite the NBA claiming just two teams in the top-24, basketball is still the best-paid league in the world with players earning average annual salaries of $4.29 million.

In comparison, Spain's La Liga is skewed towards the top end with Barcelona players earning 22 times more than the lowest teams in the 20-club league.

Figures are from the in-progress seasons in NBA basketball, NHL ice hockey, MLB baseball and MLS football, and from the most recently completed seasons for all other teams, including the major leagues of European football, AFL Aussie Rules and NPB Japanese baseball.